Income Tax (Notes)
|3 Months Ended|
Dec. 31, 2017
|Income Tax Disclosure [Abstract]|
Our results for the first quarter of fiscal year 2018 benefited from the estimated effects of the Tax Cuts and Jobs Act (the Act), which was signed on December 22, 2017 and is effective from January 1, 2018.
Our results for the three months ended December 31, 2017 have been affected by:
We are required to recognize the expected effects of the Act as of December 31, 2017. The calculations of deferred tax assets and liabilities and the toll tax are complicated by two factors:
Accordingly, the accounting for certain income tax effects of the Act is provisional. We believe that we have a reasonable basis for our estimates.
Our effective income tax rate for the three months ended December 31, 2017 was 24.9%. The net effect of our toll charge and reduction of deferred tax liabilities reduced the effective income tax rate by approximately 1.4%.
During the three months ended December 31, 2017 and 2016, we made income tax payments of $4.0 million and $3.7 million, respectively.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef